Which of the following is incorrect concerning subsidiary ledgers? (a) The purchases ledger is a common subsidiary
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Which of the following is incorrect concerning subsidiary ledgers?
(a) The purchases ledger is a common subsidiary ledger for creditor accounts.
(b) The accounts receivable subsidiary ledger is a subsidiary ledger for customer accounts.
(c) A subsidiary ledger is a group of accounts with a common characteristic.
(d) An advantage of the subsidiary ledger is that it permits a division of labour in posting.
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Accounting Principles
ISBN: 9780471980193
8th Edition
Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel
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